(Alliance News) - Rio Tinto PLC on Friday lowered its 2021 guidance for iron, bauxite and mined copper after a "difficult" third quarter.
In the three months that ended September 30, Pilbara iron ore shipments rose 2% year-on-year to 83.4 million tonnes and rose by 9% from the second quarter.
Pilbara iron ore production slipped 4% from last year to 83.3 million tonnes but increased 10% from the previous quarter.
The Pilbara mine is in Western Australia.
Bauxite production in the third quarter slipped by 3% to 14.0 million tonnes from last year, but was up 2% on the second quarter.
Aluminium production was down 3% annually to 774,000 tonnes and fell 5% from the previous quarter.
Mined copper was down 3% from last year to 125,200 tonnes but 8% higher from the second quarter.
Rio Tinto Chief Executive Jakob Stausholm, said: "The third quarter has demonstrated the resilience of our people in dealing with ongoing Covid-19 challenges. It has been another difficult quarter operationally and despite improving versus the prior quarter, we recognise the opportunity to raise our performance. We have consequently modestly adjusted our guidance."
Looking ahead, for 2021 Rio is guiding for Pilbara iron ore shipments of between 320 and 325 million tonnes, lowered from the previous range of 325 to 340 million tonnes. Bauxite production is guided at between 54 to 55 million tonnes, down from the previous range of 56 to 59 million tonnes. Mined copper production was lowered to about 500,000 tonnes from between 500,000 and 550,000 tonnes.
Aluminium guidance is unchanged at 3.1 to 3.3 million tonnes.
Stausholm added: "We are progressing against our four pillars and striving to make Rio Tinto even stronger, notably to become the best operator. This will ensure we continue to deliver attractive returns to shareholders, invest in sustaining and growing our portfolio, and make a broader contribution to society, particularly in relation to the drive to net-zero carbon emissions."
Shares in Rio Tinto were 1.7% lower in London on Friday morning at 5,022.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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